FIT 2, a wholly-owned subsidiary of IREIT Global, has entered into a conditional sale agreement with Decathlon to acquire a portfolio of 27 retail properties in France for a purchase consideration of approximately EUR110.5 million ($176.97 million).

The acquisition marks IREIT Global’s first foray into France. The gross lettable area for the portfolio totals 95,477 square meters.

All of the properties will be leased back to Decathlon through a sale and leaseback agreement, says the manager of the REIT in an April 27 media release. The agreement terms include a committed occupancy of 100% with weighted average lease expiry by gross rental income of 10 years.

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